Solana Price Drops 12% as Pump.fun Sells $41 Million in SOL Tokens.Solana Price Drops 12% as Pump.fun Sells $41 Million in SOL Tokens.
Last week, Solana token price dropped by double digits as memecoin platform pump.fun continued to sell its assets.
Last week at 11:06 on September 4, UTC, Solana price SOL$128 dropped more than 12%, and the trading price was $128. According to Cointelegraph, the token is down 3.8% on the daily chart.
According to a report by Lookonchain on September 3, the price of Solana dropped after the trust account associated with memecoin developer Pump.fun sold another $1.38 million worth of SOL tokens:
"40 minutes ago, the trust account Pump.fun sold 10,300 sols ($1.38 million) again for $134.46!"
In the last transaction, Pump.fun sold a total of $41.64 million worth of SOL tokens at an average price of $157.50 per coin.
Because of the large amount of capital that drives the market, whales or large cryptocurrency holdings can have a significant influence on the price movements of cryptocurrencies. Traders often track whale selling patterns to get signals about the short-term price trajectory of cryptocurrencies.
